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Dec 30, 2012
12/12
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what happened was the greatest prosperity in modern history. 23 million jobs, no more deficits, we got to a balanced budget and i remember saying to my husband my goodness, what's going to happen? there won't be any more u.s. government bonds because we're going to be out of the debt situation. we saw -- we saw it on the horizon when george w. bush became president, he decided to go back, backwards on rates across the board from the wealthiest to the middle to the poor, and he put two wars on a credit card and we are where we are where we are. and to add to this history, we all know that we're coming out of the worst recession since the great depression. it has been difficult, led by, unfortunately, some unscrupulous people on wall street who created a nightmare in the housing market. i remember saying to treasury secretary paulsen can you explain the rule of derivatives here and what happened and how we got into this crisis? and he put his head in his hands, mr. president, and he said not now. i'll talk to you later. now, that's not a very encouraging thing when the secretary of the t
what happened was the greatest prosperity in modern history. 23 million jobs, no more deficits, we got to a balanced budget and i remember saying to my husband my goodness, what's going to happen? there won't be any more u.s. government bonds because we're going to be out of the debt situation. we saw -- we saw it on the horizon when george w. bush became president, he decided to go back, backwards on rates across the board from the wealthiest to the middle to the poor, and he put two wars on a...
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Jan 1, 2013
01/13
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some financial experts say the bigger issue is an out of control federal deficit. and that part of the deal still needs to be address the. >>> u.s. stock prices higher on this final day of the year. the dow industrials rose 156 points, the nasdaq was up 59. the markets had been flat all morning, but climbed after the president's remarks that a deal seemed close at hand. 2012 seemed to be a positive year for the markets overall. the dow was up 7%. s & s & p 500 15% and the nasdaq went up nearly 16% higher than when it started. >>> secretary of state hillary clinton is in the hospital treating a blood clot. doctors say she did not suffer a stroke and expect her to make a full recovery. however clots are potentially serious if not treated. they can lead to a hemorrhage inside the brain. it's believed this blood clot is related to the concussion secretary of state clinten suffered earlier this month. >>> the accident happened near the ma colome river bridge on highway 12 east of rio vista. first reports of the accident came in 9:15 this evening. highway 12 is closed in
some financial experts say the bigger issue is an out of control federal deficit. and that part of the deal still needs to be address the. >>> u.s. stock prices higher on this final day of the year. the dow industrials rose 156 points, the nasdaq was up 59. the markets had been flat all morning, but climbed after the president's remarks that a deal seemed close at hand. 2012 seemed to be a positive year for the markets overall. the dow was up 7%. s & s & p 500 15% and the...
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Jan 1, 2013
01/13
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KTVU
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some financial experts say the bigger issue is an out of control federal deficit. and that part of the deal still needs to be address the. >>> u.s. stock prices higher on this final day of the year. the dow industrials rose 156 points, the nasdaq was up 59. the markets had been flat all morning, but climbed after the president's remarks that a deal seemed close at hand. 2012 seemed to be a positive year for the markets overall. the dow was up 7%. s & s & p 500 15% and the nasdaq went up nearly 16% higher than when it started. >>> secretary of state hillary clinton is in the hospital treating a blood clot. doctors say she did not suffer a stroke and expect her to make a full recovery. however clots are potentially serious if not treated. they can lead to a hemorrhage inside the brain. it's believed this blood clot is related to the concussion secretary of state clinten suffered earlier this month. >>> the accident happened near the ma colome river bridge on highway 12 east of rio vista. first reports of the accident me i9:15 this evening. highway 12 is closed in the
some financial experts say the bigger issue is an out of control federal deficit. and that part of the deal still needs to be address the. >>> u.s. stock prices higher on this final day of the year. the dow industrials rose 156 points, the nasdaq was up 59. the markets had been flat all morning, but climbed after the president's remarks that a deal seemed close at hand. 2012 seemed to be a positive year for the markets overall. the dow was up 7%. s & s & p 500 15% and the...
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Dec 28, 2012
12/12
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we have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i have to consider and i'm considering moving to a tropical island and watching america go down the drain. we need to abolish social security, medicare, and medicaid. host: i will stop you there. we appreciate your thoughts. joseph says -- will go back to stay but by the president on the passing of norman schwarzkopf. host: "his legacy will e ndure." back to your calls. caller: good morning. god bless us. [indiscernible] where is the love? .e're at a church when the president and everybody was running. the church was all over the program.
we have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i...
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Dec 31, 2012
12/12
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makes the deficit worse. the real test will been when they can do their jobs and make the hard choices and confront very dangerous debt levels that we currently have in this country that are part of the reason the economy is not growing. it's those hard choices that will be the real test of bipartisanship and the ability to govern. host: let's share with you yesterday how things unfolded. senator john thune spoke with reporters midday yesterday on capitol hill. [video clip] >> those conversations and discussions continue. we remain hopeful that will get a breakthrough. what happened between the two leaders in the senate had broken down, because the senate democrats failed to come forward with a counteroffer to the proposal republicans made last night. host: a late word from "politico" from republican leader mitch mcconnell. let me read to you a story that he and the vice president engaged in "serious overnight negotiations to avert the fiscal cliff, making major progress to a year-end tax deal, giving seven h
makes the deficit worse. the real test will been when they can do their jobs and make the hard choices and confront very dangerous debt levels that we currently have in this country that are part of the reason the economy is not growing. it's those hard choices that will be the real test of bipartisanship and the ability to govern. host: let's share with you yesterday how things unfolded. senator john thune spoke with reporters midday yesterday on capitol hill. [video clip] >> those...
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Dec 31, 2012
12/12
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MSNBCW
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we still have deficits that have to be dealt with. we're still going to have to think about how we put our economy on a long-term trajectory of growth and how we continue to make investments in things like education, things like infrastructure that help our economy grow. keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody has been talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled to be cut that we're using an ax instead ax instead of a scalpel. may not always be the smartest cuts and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these automatic spending cuts that are b
we still have deficits that have to be dealt with. we're still going to have to think about how we put our economy on a long-term trajectory of growth and how we continue to make investments in things like education, things like infrastructure that help our economy grow. keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody has been talking about. what we also have facing us starting tomorrow are automatic spending cuts that are...
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Jan 1, 2013
01/13
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deficit reduction seems like a fair way to approach that. there are millions more people than available jobs. host: george zornick, thank you. late night for you. guest: i spent more time on new year's eve that i would have cared to. host: thank you for getting up early. next up, the conservative perspective from charles hurt. first a news update. >> john boehner is not endorsing the agreement on the so-called fiscal cliff. he has promised to vote on it right away. he is expected to encounter opposition. one camp earlier said, "it's three strikes in my book and i will be voting no on this bill." the legislation would impose a hardship and fall short on addressing the need in spending. president obama praised the agreements. coats to place on the other side of the capital on issues other than the so-called fiscal cliff. -- votes took place on the other side of the capital. extra cash for the fight against al qaeda and the fight against foreign governments trying to spy on the united states. mike rogers said the bill holds personnel levels at
deficit reduction seems like a fair way to approach that. there are millions more people than available jobs. host: george zornick, thank you. late night for you. guest: i spent more time on new year's eve that i would have cared to. host: thank you for getting up early. next up, the conservative perspective from charles hurt. first a news update. >> john boehner is not endorsing the agreement on the so-called fiscal cliff. he has promised to vote on it right away. he is expected to...
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Jan 1, 2013
01/13
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CNNW
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if they hadn't acted, you might see deficit reduction, but not in a way a lot of taxpayers would like. it will be interesting to see what happens in the coming months. a lot of talk about entitlement reform, about making the tax code a little different than it is now. so i think we'll have to see that in the coming year. >> astute observations, we'll watch it closely. i appreciate it. kristina the kick the can tringing game is not over. we'll have to say that many, many times over the next two months. >> i want to bring down some of the deal for you, reset the stage. we'll telling you about the dairy cliff. in addition to dealing with the fiscal cliff, it would extend federal farm policies through september, which means milk prices won't double and it nixes a set pay raise for members of congress. the white house scored an agreement to raise taxes on larger estates from 35% to 40%, but republicans said it should be adjusted annually for inflation, it would go 7.5% for individuals, and they would pay higher tax rates on investment profits and capital gains rising to 20%, and less than
if they hadn't acted, you might see deficit reduction, but not in a way a lot of taxpayers would like. it will be interesting to see what happens in the coming months. a lot of talk about entitlement reform, about making the tax code a little different than it is now. so i think we'll have to see that in the coming year. >> astute observations, we'll watch it closely. i appreciate it. kristina the kick the can tringing game is not over. we'll have to say that many, many times over the...
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Dec 30, 2012
12/12
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goes to the deficit in reality. it seems to me that that number comes up and is a political situation and what congress is really saying is that i am going to pander to the 98% because if i go to 125%, i will upset more of the electorate. i was listening to david brooks this morning and his comments that the real dysfunctional people are not necessarily congress, but the american people who are prepared to pass these deficits on to our grandchildren. >> have you looked at how any tax increases might affect you? had you planned for that at all? caller: i am comfortable enough, i am planned -- and i plan to give more. i would hope that most people in my financial situation would be prepared to do that. >> the democratic line is next, california. donna, hello. caller: i would like to state -- i think that one of our biggest problems is that the republican party has sold us out to grovers inquest. i think that everyone who took that pledge should be fired from the congress. they took an oath of office first. they have g
goes to the deficit in reality. it seems to me that that number comes up and is a political situation and what congress is really saying is that i am going to pander to the 98% because if i go to 125%, i will upset more of the electorate. i was listening to david brooks this morning and his comments that the real dysfunctional people are not necessarily congress, but the american people who are prepared to pass these deficits on to our grandchildren. >> have you looked at how any tax...
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Jan 1, 2013
01/13
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CSPAN2
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we still have a deficit issue. we still have a deficit problem. what we tried to establish this morning in this vote, revenue has to be part of every solution on deficit reduction. the other side of the aisle reluctantly, after years of resisting it, came to our side in the early morning hours. that's number one. number two, we need to take an honest look at entitlements. here's what the facts are: social security untouched, unamended, unchanged will make every promised payment for 20 years. you can't say that about any other federal program. 20 years of payments with cost-of-living adjustments every singles year, and on the 21st year, there will be a dropoff of 30% in terms of social security benefits. so we have 20 years. we can wait, we can wait five, ten, or fifteen to do something about it. or maybe this year, 2013. that's i'd like to to. i'm preparing legislation which will call for the creation of a commission, to come up with a plan for 75-year solvency of social security. when you have it and it's been certified to be a valid plan, report
we still have a deficit issue. we still have a deficit problem. what we tried to establish this morning in this vote, revenue has to be part of every solution on deficit reduction. the other side of the aisle reluctantly, after years of resisting it, came to our side in the early morning hours. that's number one. number two, we need to take an honest look at entitlements. here's what the facts are: social security untouched, unamended, unchanged will make every promised payment for 20 years....
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Dec 31, 2012
12/12
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the same is true for any future deficit agreement. we will have to do more to reduce our debt and deficit. i am willing to do more but it will have to be balanced. we will have to do it in a responsible way. i am willing to reduce our government's medicare bills by finding new ways to reduce the costs of health care in this country. that is something which all agree on. we want to make sure that medicare is there for future generations but the current trajectory of health care costs is going up so high that we have to find ways to make sure that it is sustainable. that kind of reform has to go hand in hand with doing some more work to reform our tax code so that wealthy individuals, the biggest corporations, cannot take advantage of loopholes and deductions that are not available to most of the folks standing up here for most americans. there is still more work to be done in the tax code to make it fair even as we are also looking at how we can strengthen something like medicare. if republicans think i will finish the job of the defic
the same is true for any future deficit agreement. we will have to do more to reduce our debt and deficit. i am willing to do more but it will have to be balanced. we will have to do it in a responsible way. i am willing to reduce our government's medicare bills by finding new ways to reduce the costs of health care in this country. that is something which all agree on. we want to make sure that medicare is there for future generations but the current trajectory of health care costs is going up...
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Dec 29, 2012
12/12
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is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several times before. it was really a similar debate to what we had in 2008. we had the same debate in 2010. we had a similar debate in 2011 when we were dealing with the debt ceiling issue the first time around. and we dealt it with it in the last election. and the differences have always been that president obama has maintained that tax cuts should be allowed to expire for people making more than $250,000. mitt romney called for extending all the tax cuts fully. and making other changes to the tax code. but, you know, i mean, he wouldn't be in o
is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several...
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Dec 30, 2012
12/12
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FOXNEWSW
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the budget of the president, $5.3 trillion deficit. people understand that. they know about his war on fossil fuels. here we are in a position of having the most recoverable fossil fuels reserves of any country in the world. we could be totally independent in a matter of weeks, and he won't let us develop our own resources. those are three things what he is doing to the military and all of that, that people are aware of. they are not aware of the cost of the regulations that he has. now, i would just use three of the regulations he was putting off until after the election. one having to do with the boiler mac. it was the regulations on boilers. every manufacturer has a boiler. that would be $63 billion cost in taxes and 800,000 jobs. coal the same way. he actually did away with coal by having an emissions requirement where there is no technology that will reach it. that will be 1.65 million. the reason i mention these, i could be talking about a lot of different regulations. but if you add up these three regulations, that would be $100
the budget of the president, $5.3 trillion deficit. people understand that. they know about his war on fossil fuels. here we are in a position of having the most recoverable fossil fuels reserves of any country in the world. we could be totally independent in a matter of weeks, and he won't let us develop our own resources. those are three things what he is doing to the military and all of that, that people are aware of. they are not aware of the cost of the regulations that he has. now, i...
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Jan 1, 2013
01/13
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CSPAN
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having said that, we still of the deficit issue. we still have a deficit problem. what we tried to establish this morning in this vote, revenue has to be part of the solution. the other side of the aisle reluctantly, after years of resisting, came to our side on this problem. number two, we need to look in entitlements. here is what the facts are. social security can make every promise of payment for 20 years. you cannot say that about any other federal program. on the 21st year, there will be a drop-off of 30% in terms of social security benefits. so, we of 20 years. we can wait to do something, or we can do something soon, maybe even this year, 2013. that is what i would like to see. i am preparing legislation which will call for the creation of a commission with a simple assignment, come up with a plan for a 75 year solvency of social security. when you haven't and it has been certified to be a valid plan, -- have its and it has been certified to be a valid plan, bring it to congress where it can be passed without a filibuster. to haveve this chance this debate
having said that, we still of the deficit issue. we still have a deficit problem. what we tried to establish this morning in this vote, revenue has to be part of the solution. the other side of the aisle reluctantly, after years of resisting, came to our side on this problem. number two, we need to look in entitlements. here is what the facts are. social security can make every promise of payment for 20 years. you cannot say that about any other federal program. on the 21st year, there will be...
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Jan 1, 2013
01/13
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. >> reporter: he says a deficit will sink us. >> in order for employers to employ we need buyers to buy and the only way we can have that is a strong economy. >> reporter: other important issues, the debt ceiling are looming. >> death issues and a budget -- debt issues and a budget. >> reporter: you are paying for all of it. i am consumer editor tom vacar, ktvu channel 2 news. >> and coming up at 6:00 p.m., ktvu's ken pritchett will break down thim pact the delay is having in -- down the delay is having here. >> wall street ended the year on a winning note. the dow is up 166 to 13,104., breaking a 5 day losing streak. the nasdaq is up 59 at 3,019. here is what the numbers mean to you. if you invested $10,000 in the dow you would have made more than a 7% profit. the s&p13.5% profit. nasdaq 16%. for that $10,000 investment in the dow $730. $1,340 on the s&p and $1,590 on the nasdaq. >> police are investigating the 46th killing of the year in san jose after a man was shot today. it happened at an apartment complex this afternoon. police received a 911 call that a man with a gun was in
. >> reporter: he says a deficit will sink us. >> in order for employers to employ we need buyers to buy and the only way we can have that is a strong economy. >> reporter: other important issues, the debt ceiling are looming. >> death issues and a budget -- debt issues and a budget. >> reporter: you are paying for all of it. i am consumer editor tom vacar, ktvu channel 2 news. >> and coming up at 6:00 p.m., ktvu's ken pritchett will break down thim pact the...
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Jan 1, 2013
01/13
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KRON
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. >> if republicans thing that i will continue deficit reduction with only spending cuts alone that is not how it is going to work. >> what he is saying to the republicans on both sides of the aisle, basically, to the house of representatives is take it or leave it. that is no our president should lead. that is not how the president should lead. at 4:00 p.m. eastern, the deal was off. or at least, delayed. the house will break tonight, december 31st without voting on the fiscal cliff package. >> while we still see the there could be an agreement or no tax increases the deal will not be finalized on time because there is no deal on spending cuts. the house of representatives have gone home for the night. michael yaki will join us with the political advancements. vicki? >>> we're following developing news tonight - with secretary of state hillary clinton. doctors say she is expected to make a full recovery, from a blood cot. which formed in a vein between her brain and skull. the clot was discovered yesterday - and is related to a concussion mrs. clinton suffered, after fainting while re
. >> if republicans thing that i will continue deficit reduction with only spending cuts alone that is not how it is going to work. >> what he is saying to the republicans on both sides of the aisle, basically, to the house of representatives is take it or leave it. that is no our president should lead. that is not how the president should lead. at 4:00 p.m. eastern, the deal was off. or at least, delayed. the house will break tonight, december 31st without voting on the fiscal...
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Dec 30, 2012
12/12
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CSPAN
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it doesn't help make lowering future deficits any easier. so there are some things we need to change about the corporate tax code but in general i think we need to realize that if we set our country on the right path making the right investments in technology and education and really making sure we don't cut the necessary programs that can help us do that growth and so we have to make them a priority and perhaps deprioritize other spending areas we will be able to grow with the global economy . manufacturing has already come back to some degree i know that apple computers are actually moving a couple production facilities back to the united states from china. there's a real key is to make sure that we're continuing to invest in those types of investments and help us compete on a global scale. but we should also realize that it helps us when apple can produce their goods in china in a more cheap efficient manner than we could here because american consumers can get i pods and i phones on a much discounted basis from what it would be if we tri
it doesn't help make lowering future deficits any easier. so there are some things we need to change about the corporate tax code but in general i think we need to realize that if we set our country on the right path making the right investments in technology and education and really making sure we don't cut the necessary programs that can help us do that growth and so we have to make them a priority and perhaps deprioritize other spending areas we will be able to grow with the global economy ....
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Dec 28, 2012
12/12
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CSPAN
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eye 105
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they did not show as a deficit. while the budgets looked reasonable during that time, the actual spending was greater. people did not pay as much attention to the debt. it just kept mounting and growing. we borrowed to pay for the worse when we did not ask people to make sacrifices financially. there is a difference between borrowing in the future, pang forward and backwards, or having to pay right now. people might have felt differently if they had felt a pinch right at the time. they would have asked different questions than were asked. that is one of the reasons we got where we are. >> could you have been any more vocal about appropriations? >> i was vocal. when i got on the appropriations committee, i became chairman of the legislative branch. that is everything, all of the buildings. office buildings, 1700 capitol police forces, and all of their help, support staff. i held the growth flat. then we cut it by almost 5%. this time around, we let it grow a little bit higher. protect the dome so it did not fall in.
they did not show as a deficit. while the budgets looked reasonable during that time, the actual spending was greater. people did not pay as much attention to the debt. it just kept mounting and growing. we borrowed to pay for the worse when we did not ask people to make sacrifices financially. there is a difference between borrowing in the future, pang forward and backwards, or having to pay right now. people might have felt differently if they had felt a pinch right at the time. they would...
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Dec 29, 2012
12/12
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KGO
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congress agreed to steep a spending cuts going into reduce the deficit. cuts now are just around the corner. >> the president says he's optimistic but did f.a deal can not be reached he'll tell hairy reid to introduce a fall back bill. >> put a bill making sure tax on middle class families don't goup, that unemployment is available for two million people z that lays ground work for additional deficit reductions and economic growth steps we can take in the new year. >> the bill, as the president calls bare minimum isn't what many hoped for, pushing off until next year, larger pron lems of dealing with the cuts. the study by george mason university found cuts will result in two million jobs lost and a $215 billion drop in the nation's gross domestic product. for california, it means defense spending will be cut by half a billion dollars, 12,000 children would lose their access to head head start programs and fewer women would receive screening. 7,000 victims of domestic violence would lose services. 8,000 fewer californians tested for hiv. 296,000 students
congress agreed to steep a spending cuts going into reduce the deficit. cuts now are just around the corner. >> the president says he's optimistic but did f.a deal can not be reached he'll tell hairy reid to introduce a fall back bill. >> put a bill making sure tax on middle class families don't goup, that unemployment is available for two million people z that lays ground work for additional deficit reductions and economic growth steps we can take in the new year. >> the...
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Dec 28, 2012
12/12
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CSPAN2
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so they didn't show as a deficit. a vendor ackley to the debt. so while the budgets were reasonable in that period of time, the actual spending didn't show in the budget and people didn't pay as much attention to the debt as they do today because it kept mounting and so we borrowed to pay for the war and in fact we didn't ask people to make sacrifices financially. >> there is a difference between borrowing in the future, paying for work and paying back words, we are having to pay right now. people might have felt differently if they had felt the pinch right at that time. we would have asked different questions and were asked, and i think that is one of the reasons we got where we are. and it's where we are. >> on appropriations could you have been any more vocal about it to provide us getting into this situation? >> welcome on was vocal about it. i don't know. when i got on the appropriations committee and became the chairman of the legislative branch all of the buildings, library of congress, congressional budget office, the cattle cars, office
so they didn't show as a deficit. a vendor ackley to the debt. so while the budgets were reasonable in that period of time, the actual spending didn't show in the budget and people didn't pay as much attention to the debt as they do today because it kept mounting and so we borrowed to pay for the war and in fact we didn't ask people to make sacrifices financially. >> there is a difference between borrowing in the future, paying for work and paying back words, we are having to pay right...
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Dec 31, 2012
12/12
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CNBC
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we need to reduce our deficit. and so it's important to ask folks at the very top to go back to paying their clinton-era rates on the amount of income above $ 250,000. and tom was right about that. >> i'm not trying to get him into trouble. i don't see it that way. you couldn't get me in any more trouble. but seriously, republicans need to step back here, take a breath and say, look, we couldn't make the bush tax cuts permanent for anybody, when bush was press we had both houses. we're on the verge of getting at least 80%, maybe more, for at least 98% of the american people. that's a huge win. and once that revenue is off the table it's going to be very hard for democrats to ever put it back on the table. it actually forces them towards spending and entitlement reform in places they're historically uncomfortable. >> chris would you be more comfortable if we went back to those rates to consider a simpson-bowles overall tax reform? is that just gone? you know, the rate there was 28%. once you get back to 39% isn't it
we need to reduce our deficit. and so it's important to ask folks at the very top to go back to paying their clinton-era rates on the amount of income above $ 250,000. and tom was right about that. >> i'm not trying to get him into trouble. i don't see it that way. you couldn't get me in any more trouble. but seriously, republicans need to step back here, take a breath and say, look, we couldn't make the bush tax cuts permanent for anybody, when bush was press we had both houses. we're on...
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Dec 29, 2012
12/12
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KQED
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there isn't a structural deficit anymore. there's $1.9 billion -- >> yeah. >> but that is small. it was $25 billion just a couple years ago. this problem is a good part of the way toward being solved, and i think if people would have -- i don't think people even still completely understand that. and to me, the big question is, are the democrats, now that they have two-thirds majorities in each house, are they going to blow it up again and create new deficits like when gray davis was in charge, by rewarding in spending and locking in unions and things like that. >> and i think the democrats do have the supermajority in both the state senate and the state assembly, but a lot of the new freshmen coming in are from more centrist districts. they won by small margins, and i don't think it's a foregone conclusion that they're going to be steam-rollering with big government. voters also passed prop 39, which closed a corporate tax option of -- some would call it a loophole to pay a lower tax. that brings another $1 billion into the state budget. and for -- >> some of that's earmarked, th
there isn't a structural deficit anymore. there's $1.9 billion -- >> yeah. >> but that is small. it was $25 billion just a couple years ago. this problem is a good part of the way toward being solved, and i think if people would have -- i don't think people even still completely understand that. and to me, the big question is, are the democrats, now that they have two-thirds majorities in each house, are they going to blow it up again and create new deficits like when gray davis was...
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Dec 31, 2012
12/12
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this would increase the debt and deficit. republicans have one choice in the house. i don't know if boehner is able to do it. we'll go over the cliff of midnight tonight. the rates will be at the high rate. the bush tax cut will be over. if boehner is smart and the republicans including the conservatives in the caucus are smart, they would accept that, because there is no way it will be stopped. on thursday, the new republican house, should pass a bill, stand-alone bill that abolishes -- well, say that in reenacts the bush cuts for everybody up to $450,000. do it as a straight tax reduction. those who resisted it a week ago tax hike on the rich can argue it's not a hike, the hike already happened. but that is the only way to pre-empt obama extending all of this and making the republicans, fall guys for a hike in middle class taxes. >> bret: we're assuming it is past the senate. you have senators who have all expressed major concerns. >> you just know three most liberal senators, it's absurd, it should be million. >> you know anybody can stand up in the senate to caus
this would increase the debt and deficit. republicans have one choice in the house. i don't know if boehner is able to do it. we'll go over the cliff of midnight tonight. the rates will be at the high rate. the bush tax cut will be over. if boehner is smart and the republicans including the conservatives in the caucus are smart, they would accept that, because there is no way it will be stopped. on thursday, the new republican house, should pass a bill, stand-alone bill that abolishes -- well,...
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Dec 30, 2012
12/12
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WMAR
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but long term we have to worry about the deficit. this is a good deficit. solid deficit reduction proposal. my great fear is they will make a deal and simply kick the can down the road and i think that may happen. it would be too bad. the right deal is to really take a big bite out of the deficit. go back to the clinton tax rates and make some significant cuts and you cut the defense department which hasn't been cut in 30 years. >> maggie, looks like we will get exactly what the governor just -- assuming they get -- what was your take listening to schumer and kyl. >> my take was there has not been that much progress. my take on labrador -- >> they sounded so optimistic. >> they did because that's where the deal is being discussed is in the stat. with the discussion with the house members that i found much more contentious and sort of interesting about where we are and that i think is of real concern. i do think that some senate democrats and some liberal members of the house would like to see the cliff gone over. they think that is the best way to press a r
but long term we have to worry about the deficit. this is a good deficit. solid deficit reduction proposal. my great fear is they will make a deal and simply kick the can down the road and i think that may happen. it would be too bad. the right deal is to really take a big bite out of the deficit. go back to the clinton tax rates and make some significant cuts and you cut the defense department which hasn't been cut in 30 years. >> maggie, looks like we will get exactly what the governor...
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the republicans complained there's not enough deficit reduction. >> in the present plan, put nearly another trillion dollars of debt on the american people. >> reporter: some democrats is port the plan to prevent more financial instability. >> my district can't afford to wait few days and have the stock market go down 300 points tomorrow if we don't get together and do something. >> reporter: wall street jiters are one problem. without a deal that can go to the president. income taxes will rise for almost every american. as pat mentioned the senate apparently is done waiting if an amended bill is sent to the house to the senate mitt. senate leaders say they will not act on it. the whole fiscal cliff crisis will then be turned over to the new congress which comes to work on thursday. live on capitol hill, jennifer johnson, news4. >> thanks, jennifer. >>> well, no relief in the weather. nothing but gray skies to start out this new year. around the district these are live pictures at union station. not much in the way of rain or snow, though. >> storm team 4 chief meteorologist doug kammerer t
the republicans complained there's not enough deficit reduction. >> in the present plan, put nearly another trillion dollars of debt on the american people. >> reporter: some democrats is port the plan to prevent more financial instability. >> my district can't afford to wait few days and have the stock market go down 300 points tomorrow if we don't get together and do something. >> reporter: wall street jiters are one problem. without a deal that can go to the...
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Dec 31, 2012
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won't do anything for the deficit at all. if you raise taxes on anybody at this moment, and we are going to, the economy will suffer. rick: i'm hearing from our colleague chad pergrum who covers capitol hill from us not to expect to hear from the speaker of the house john boehner after we hear from the president at 1:30pm. speaker boehner tried to put plan b of his own on the table and ended up not having the republican support for it, so he pulled back. as business watches these negotiations take place, and we heard from senator thune in mike emanuel's report a minute ago what is the reaction of the business community at this function that is on display in our nation's capitol. >> despair, anger frustration. if you go forward into 2013 not addressing spending, in fact the president wants to raise spending on struc infrastructure you go forward into next year doing that with tax increases on upper income people and some small business owners you will slow the economy down. business does not want a slower economy, it wants a m
won't do anything for the deficit at all. if you raise taxes on anybody at this moment, and we are going to, the economy will suffer. rick: i'm hearing from our colleague chad pergrum who covers capitol hill from us not to expect to hear from the speaker of the house john boehner after we hear from the president at 1:30pm. speaker boehner tried to put plan b of his own on the table and ended up not having the republican support for it, so he pulled back. as business watches these negotiations...
SFGTV2: San Francisco Government Television
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Dec 31, 2012
12/12
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SFGTV2
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overall, our budget, we are in our fifth year of major budget deficits. i have been chair of the budget committee for the past couple of years. i am still involved in budget issues. i want to make sure i can be helpful to my colleagues who are grappling with our huge deficit. it is inevitable that we are going to make painful cuts, so how do we do it in a way that will minimize the impact to every day san franciscans, how can we keep our parks in good conditions? how do we maintain our safety net for public health services, public security services, public safety? all these are critical decision that need to be made. the pension question is something that comes up. the cost of our pension liability will cost the city, especially because of our investments in the market have come down since 2008. we are spending more of our general fund to pay our pension costs. that is a big challenge. it is a long-term problem, but it also has short-term implications. we know right away we are not going to have the enough money as we need to cover our services and pensio
overall, our budget, we are in our fifth year of major budget deficits. i have been chair of the budget committee for the past couple of years. i am still involved in budget issues. i want to make sure i can be helpful to my colleagues who are grappling with our huge deficit. it is inevitable that we are going to make painful cuts, so how do we do it in a way that will minimize the impact to every day san franciscans, how can we keep our parks in good conditions? how do we maintain our safety...
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Dec 26, 2012
12/12
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deficit $536 billion. $536 million. back then social security made up 6.5%. 6.5%. of the federal budget. 6.5%. the decayed and medicare didn't exist back then. let's compare that to what we are doing now. a 20% of the budget on social security, and then we throw a 21% more of the federal budget for medicare, medicaid, and another 13% for other social programs, food stamps. so that comes up to a whopping 54% of the budget. 54%. forgot to mention this. it is kind of important, isn't it? back than median family income was about $38,000. $38,000. today it is $62,000. we will pretend that looks like a two and that looks like a six. we haven't done too well, more than half a century in raising a the median income ine this country and that is something he is right about, we do have to fix that. imagine this, it's got a nobel prize. the unions made up 24% read today that number a rather convenient because a reduction by half of 12% right now. it tells which were the country is moving in this nostalgia for a 91% tax rate. i want
deficit $536 billion. $536 million. back then social security made up 6.5%. 6.5%. of the federal budget. 6.5%. the decayed and medicare didn't exist back then. let's compare that to what we are doing now. a 20% of the budget on social security, and then we throw a 21% more of the federal budget for medicare, medicaid, and another 13% for other social programs, food stamps. so that comes up to a whopping 54% of the budget. 54%. forgot to mention this. it is kind of important, isn't it? back than...
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Dec 27, 2012
12/12
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and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. -- game over. but if you are the united states of america and there are certain -- and you have the reserve currency of the world, and certain other factors that i will touch upon later, what you can do is you can expand your deficit as long as you create the circumstances so that german entrepreneurs, later chinese, take their profit, which they earned and they send it to wall street. thus closing the cycle, the recycling loop. so, effectively what we have between 1940's and 1971, 1973, you had global surpluses being recycled from united states to the rest of the world. the capitalist world. the western world. ok? so, the united states was an exporter to europe and japan. it was making profits. it was then recycling to europe and japan. so they would keep on buying. once the surplus shifted to japan, germany, and china, the idea that volcker had was a we will swap this. we will just turn it on its head. we will e
and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. -- game over. but if you are the united states of america and there are certain -- and you have the reserve currency of the world, and certain other factors that i will touch upon later, what you can do is you can expand your deficit as long as you create the circumstances so that german entrepreneurs, later chinese, take their profit, which they earned and they send it to wall...
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Jan 1, 2013
01/13
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. >> after years of deficits in california there is finally light at the end of the tunnel but that would change if the nation goes over the fiscal cliff. ktvu's ken pritchett is live with how failure in washington will hurt california. . >> reporter: reaching a deal tonight would be important. people next month make less money so they spend less and within 5 weeks california will see sales tax revenue drop. if there is no deal tax increases kick in, smaller pay checks for most americans. >> reporter: [ inaudible question ] >> absolutely. >> the unknown. >> i would not do the emotional shopping. it would be more the need. instead of the want. >> less spending, a rapid hit to the economy. >> february when we see the january sales tax receipts we may see a dip. >> reporter: california could be back to a big budget deficit. >> that could translate into a hit of $11 billion over two years. >> reporter: all of that could be avoided if a deal in washington is reached tonight. >> i don't think so. i don't think so. >> reporter: consumer spending is one of many examples of how california could be
. >> after years of deficits in california there is finally light at the end of the tunnel but that would change if the nation goes over the fiscal cliff. ktvu's ken pritchett is live with how failure in washington will hurt california. . >> reporter: reaching a deal tonight would be important. people next month make less money so they spend less and within 5 weeks california will see sales tax revenue drop. if there is no deal tax increases kick in, smaller pay checks for most...
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Dec 30, 2012
12/12
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FOXNEWSW
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are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be a willingness and interest or frankly the courage to close the deal. >> reporter: as senate aide says it was designed to try to jumpstart the talks and consequences of getting a tax increase is a huge concern. >> gregg: what went awry in these talks? >> you heard senator thune. a fiscal cliff deal is a new way calculating inflation that would lower social security payments. democrats say they would do it as part of much bigger deal but it was off the table for the smaller deal they are working on. so democrats called it a poison pill. >>
are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be...
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Dec 28, 2012
12/12
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CNBC
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about half a trillion in cuts, over ten years, we're doing that every five months when it comes to the deficit. $100 billion more person month that we spend over what we take in. you have to have bigger cuts on the table to get republicans to come along. >> we're only paying for 40% of what we spend today. it's interesting to see and what the futures are doing right now. very thinly traded at this hour on a friday evening it would be interesting to see and what they signal in terms of where we stand, now that we've heard from the president and some sort of modest optimism from both leader reid and minority leader mitch mcconnell. >> tyler, we want to go back to eamon javers. >> you just said when will we hear now from the president again? nbc news is tweeting that barack obama will appear as a guest on "meet the press" this weekend. when we will hear from the president again will be sunday morning. something to watch out for over the weekend. presumably, we'll get incremental details on what this deal is. as this is negotiated throughout friday night, into saturday and the president's appearan
about half a trillion in cuts, over ten years, we're doing that every five months when it comes to the deficit. $100 billion more person month that we spend over what we take in. you have to have bigger cuts on the table to get republicans to come along. >> we're only paying for 40% of what we spend today. it's interesting to see and what the futures are doing right now. very thinly traded at this hour on a friday evening it would be interesting to see and what they signal in terms of...
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Dec 31, 2012
12/12
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MSNBCW
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that's a drop in the bucket to our deficit problems. so the real issue is spending and we got to deal with it. >> my guess is you're hearing the same thing that i hear from people. whether they're friends or family or they're people that i just -- that see me in starbucks. that is, why can't they get this done? i can't tell you the number of people who have said to me if i had a deadline at work and i just ignored it, i'd lose my job. this was yesterday on the senate floor. >> something has gone terribly wrong when the biggest threat to our american economy is our american congress. >> how did we get to this, congressman? he right? >> yes, he is. really it's the inability of congress to control spending. that is why we're in this pickle right now. we're spending $1.2 trillion more than we're taking in every year. and so he is completely right. i think people are right to see congress as dysfunctional. that's why we've got to deal with this today or tomorrow or the next day in a way that fixes this long term, not just gets us out of the
that's a drop in the bucket to our deficit problems. so the real issue is spending and we got to deal with it. >> my guess is you're hearing the same thing that i hear from people. whether they're friends or family or they're people that i just -- that see me in starbucks. that is, why can't they get this done? i can't tell you the number of people who have said to me if i had a deadline at work and i just ignored it, i'd lose my job. this was yesterday on the senate floor. >>...
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Dec 31, 2012
12/12
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a dog to be reducing the deficit and debt. they say they want higher taxes on people in this country to pay for new spending. >> you have spoken a few times with the prize -- the vice president and it seems they have been able to come up with bipartisan deals. did he give you an indication that you just had with fellow republicans that it may be an avenue of success? >> there were conversations and discussions between us and we remain hopeful that it will be a breakthrough. obviously, what happened here between the two leaders in the senate had broken down because they had come forward with a counter offer to what republicans said last night. hopefully the discussions between the vice-president and senator mcconnell will get us back on track and we will have a breakthrough and something we can vote on today or tomorrow to avert what we all believe would be an economic disaster. >> harry reid is as if you cannot come up with something by tonight that he will push a scaled-down version of what the president asked for, the tax cu
a dog to be reducing the deficit and debt. they say they want higher taxes on people in this country to pay for new spending. >> you have spoken a few times with the prize -- the vice president and it seems they have been able to come up with bipartisan deals. did he give you an indication that you just had with fellow republicans that it may be an avenue of success? >> there were conversations and discussions between us and we remain hopeful that it will be a breakthrough....
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Dec 31, 2012
12/12
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CSPAN
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the tax would go as the deficit went up. if we go down as the deficit went down. i think the imports -- i think they started this problem, and the need to, you know, revitalizes through this. let me give you one example. although sun. a utozone. they used to only sell american- made parts. now it is all chinese. they have taken over by autozone. host: thank you. our listeners can hear more on c-span radio. we just heard from senator mcconnell. he says that they are very close to a deal. the sequestration issue will be dealt with in the coming weeks and months. robert is turning us from canton, ohio. democrats lined. caller: hello. one thing about the social security and stuff, that should be like a savings account. nobody should be able to get for any debt. that should be what we work for for our future. they should have to ask us if they want to use the us -- use that to pay debt. as for the taxes, the need to get their heads together and work together, and if they do not want to work together, we need to vote them out and get someone in there who will work hand-
the tax would go as the deficit went up. if we go down as the deficit went down. i think the imports -- i think they started this problem, and the need to, you know, revitalizes through this. let me give you one example. although sun. a utozone. they used to only sell american- made parts. now it is all chinese. they have taken over by autozone. host: thank you. our listeners can hear more on c-span radio. we just heard from senator mcconnell. he says that they are very close to a deal. the...
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Jan 1, 2013
01/13
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CSPAN
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we were paying down the deficit. things were going well under bill clinton, under that tax system, and that's what we'll go back to tomorrow. what's so bad about that? well, what's happened is in the last ten years a lot of people have gotten very rich in this country. very rich. and now they want to protect their wealth. and that's what they want to do. they want to lock in this system on estate taxes and lower tax rates up to $450,000 or $500,000 or a million or whatever they want. they want to lock that in. i think it's time for them to start paying their fair share, and they did under the clinton tax provisions that we had in place at that time. so to go back to the tax provisions that we had under bill clinton doesn't frighten me one bit. but now we hear the same song and dance from the republicans. if we do that, the sky's going to fall. the world will end tomorrow. the markets will just go all to heck. we heard that in 1993, and it was wrong. we're hearing it again today about what will happen if we go back to
we were paying down the deficit. things were going well under bill clinton, under that tax system, and that's what we'll go back to tomorrow. what's so bad about that? well, what's happened is in the last ten years a lot of people have gotten very rich in this country. very rich. and now they want to protect their wealth. and that's what they want to do. they want to lock in this system on estate taxes and lower tax rates up to $450,000 or $500,000 or a million or whatever they want. they want...
SFGTV: San Francisco Government Television
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Dec 27, 2012
12/12
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SFGTV
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department of technology budget have not been because of a lack of performance but the result of budget deficits across the board and i think they have born the massive bruntd of this within the technology world. >> i agree. >> finding number four -- the finding we were asking to react to. another consequence of dt for departments and participate in city wide initiatives and give up operational independence and for this i state that i agree. because other departments haven't had full faith in dt and not willing to give up operational independence. >> i would agree with that and i think that talks about the structural things we were talking about and structural issues and i look forward to the dialogue going forward and i think there are changes to be made here. >> number five and coit policies and changes and not communicated effectively to the mayor and coit and for this i would -- actually i think i partially agree. i would say partially disagree and i state while coit policies and city wide initiatives are communicated clearly there is no follow up or deadlines to carry out policies and initi
department of technology budget have not been because of a lack of performance but the result of budget deficits across the board and i think they have born the massive bruntd of this within the technology world. >> i agree. >> finding number four -- the finding we were asking to react to. another consequence of dt for departments and participate in city wide initiatives and give up operational independence and for this i state that i agree. because other departments haven't had...
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Dec 29, 2012
12/12
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FOXNEWSW
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it was a measure president francois hollande would help cut the deficit budget. the court took issue with not with the tax, but taxing household equally. and for the latest headlines log onto foxnews.com. you're watching the most powerful name in news, fox news channel. >> paul: welcome back to this special he edition, journal he had t.editorial report. and this year continued high unemployment and slow economic growth. what can we expect in 2013? we're back with dan henninger, mary anastasia o'grady and dan moore. mary explain the slow growth and the markets. >> if respect to the markets, i would say if you look at a chart for, for example, the s&p 500, you go back to april of 2011 to october of 2012. you're basically flat. there's a lot of churning up and down, but in the last months a pickup there and certainly, from the end of -- from the beginning of this year we saw a run on the market, but you don't have a great return if you're a long-term investor. >> paul: right, so, okay, if growth is still slow, okay, why are-- and some people are still investing in c
it was a measure president francois hollande would help cut the deficit budget. the court took issue with not with the tax, but taxing household equally. and for the latest headlines log onto foxnews.com. you're watching the most powerful name in news, fox news channel. >> paul: welcome back to this special he edition, journal he had t.editorial report. and this year continued high unemployment and slow economic growth. what can we expect in 2013? we're back with dan henninger, mary...
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Dec 30, 2012
12/12
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KBCW
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with the deficit ticking higher, patience is wearing thin. >> for those of us that invest in the stock market, it's disgusting to watch them jockey around with our money. we're affected every day. >> reporter: missing in all the last-minute negotiations is talk of the $1.2 million in mandatory spending cuts scheduled to go into effect tuesday. >>> if the government does go over the cliff, the impact on the aviation industry could be disastrous, and it could have a domino effect on the economy. the transportation security administration could lose about 7% of its budget, and more than 7,000 security officers. passengers could face longer waits at security. the faa could see its budget cut, and that means fewer planes, passengers, and cargo. >> everybody's pocketbook and livelihood is tied to the aviation system. the impact of it not being able to provide the service they do today would be devastating. >> if washington can't reach a compromise, are the economic recovery could stall. >>> a new york woman has been charged with murder as a hate crime for allegedly pushing a man in front of
with the deficit ticking higher, patience is wearing thin. >> for those of us that invest in the stock market, it's disgusting to watch them jockey around with our money. we're affected every day. >> reporter: missing in all the last-minute negotiations is talk of the $1.2 million in mandatory spending cuts scheduled to go into effect tuesday. >>> if the government does go over the cliff, the impact on the aviation industry could be disastrous, and it could have a domino...
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Jan 1, 2013
01/13
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CSPAN
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our deficit this year alone is likely to be about $1.3 trillion. this would reduce it down to $1.24 trillion. with the $60 billion of new revenue that it gains. most importantly it sets up three more fiscal cliffs over the next three months. when appropriation spending expires on march 27, when the debt ceiling has to be increased at the end of february, and when the sequester has to be dealt with at the very same time. so all we have done is to stumble forward and to an even less predictable situation with far fewer resources to invest in our nation and our children's future. thank you, mr. speaker. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from missouri seek recognition? >> mr. speaker, to address the house for one minute. the speaker pro tempore: without objection, the gentleman from missouri is recognized for one minute. mr. cleaver: thank you, mr. speaker. i don't particularly like the bill that's going to come to the floor. i'm going to vote for it. the reason is that i stumbling through on
our deficit this year alone is likely to be about $1.3 trillion. this would reduce it down to $1.24 trillion. with the $60 billion of new revenue that it gains. most importantly it sets up three more fiscal cliffs over the next three months. when appropriation spending expires on march 27, when the debt ceiling has to be increased at the end of february, and when the sequester has to be dealt with at the very same time. so all we have done is to stumble forward and to an even less predictable...
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Jan 1, 2013
01/13
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CNNW
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debt and deficit situation which is a serious issue still doesn't get us into a place like greece. the u.s. has certain flexibility in its financial and fiscal systems that other countries don't have. >> right. well that's true. we can print our own money so yes if we continue this profligate spending without sufficient money to pay for it, other countries can buy our debt. third world countries try that and it usually doesn't end well but another potential glitch is congress has to keep raising the debt limit to allow that kind of mechanism to continue so even though we can print our own currency which reduces the risk of a credit default, if congress refuses to raise the debt limit that could force default and increase problems for us. >> your book is called "bull by the horns" and do you think this is our government taking the bull by the horns this deal? >> no. i wish i could say it really is kicking the can down the road when it. they did make some decisions, permanent inflation indexing of the amt which is good, that's been going on for a long time. we've got permanent extens
debt and deficit situation which is a serious issue still doesn't get us into a place like greece. the u.s. has certain flexibility in its financial and fiscal systems that other countries don't have. >> right. well that's true. we can print our own money so yes if we continue this profligate spending without sufficient money to pay for it, other countries can buy our debt. third world countries try that and it usually doesn't end well but another potential glitch is congress has to keep...
SFGTV2: San Francisco Government Television
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Dec 27, 2012
12/12
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SFGTV2
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even though our deficit is not as large as it has been, it is tough because we have made these cuts already, and did this point, we are cutting things we really do not want to cut. and it is painful. we will lose more potential services. we will also not be able to support our residents. we are looking at weekend meals for seniors. it is painful. i think we have to look at it as a combined approach. it has to be cut within city government that we can bear -- services that are less essential. second, you have to look at raising revenue in the city. i think it needs to be a combination. and third, need to be much better informed, and we have to ask our public employees to look at the budget. and they already have, but also to look back. it is a threefold approach to me. >> what are the city's housing needs him much of the board of supervisors to to address them? supervisor kim: it is tough, because we depend on the market to build housing for our residents we build at over 150% of the need. we are building over the need of the market rates. we are actually building at roughly 80% of that need
even though our deficit is not as large as it has been, it is tough because we have made these cuts already, and did this point, we are cutting things we really do not want to cut. and it is painful. we will lose more potential services. we will also not be able to support our residents. we are looking at weekend meals for seniors. it is painful. i think we have to look at it as a combined approach. it has to be cut within city government that we can bear -- services that are less essential....
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Dec 27, 2012
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finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. one was, the commiseration of blue-collar workers in the united states. there were some key elements. one was the proliferation of states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were japanese or german, the profits, where do you invest them? where do you keep them? you keep them with the low inflation rate. that is one reason. one mechanism that helps attract the capital from the rest of the world and close the loop. wall street was another. it has an amazing capacity to create a metaphysical value out of nothing. walmart was another. is promoted the ideology of cheapness, which was calculated -- encapsulated so brilliantly. nobody needs a gallon of pickles. i don't think it fits in a fridge. wh
finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. one was, the commiseration of blue-collar workers in the united states. there were some key elements. one was the proliferation of states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were...